Ameren
AEE · Multi-Utilities
$108.04
0.8%CMS Energy
CMS · Multi-Utilities
$69.58
1.0%The short version
- Ameren is the larger business, with $8.8B of revenue in fiscal 2025 against $8.5B for CMS Energy.
- Ameren grew revenue faster (15.4%, against 13.6%).
- Ameren kept more of each dollar of sales as operating profit (23.0% operating margin, against 20.2% operating margin).
- Ameren earned a higher return on the capital invested in it (5.7%, against 5.2%).
- Investors pay more for each dollar of CMS Energy’s earnings: a P/E of 20.9x against 19.0x for Ameren.
| Latest fiscal year | AEE · FY25 | CMS · FY25 |
|---|---|---|
| Size | ||
| Market cap | $30.1B | $21.6B |
| Revenue | $8.8B | $8.5B |
| Free cash flow | −$775M | — |
| Net income | $1.5B | $1.1B |
| Growth | ||
| Revenue growth | 15.4% | 13.6% |
| 5-year growth | 8.7% | 5.9% |
| Share count change | 1.8% | 0.9% |
| Profitability | ||
| Gross margin | — | — |
| Operating margin | 23.0% | 20.2% |
| Net margin | 16.6% | 12.5% |
| FCF margin | −8.8% | — |
| Return on capital | 5.7% | 5.2% |
| Return on equity | 11.5% | 12.3% |
| Balance sheet | ||
| Net debt | $20.1B | $18.4B |
| Net debt / EBITDA | 5.5x | 6.1x |
| Dividends and buybacks | $768M | $0.0M |
| Valuation & quality | ||
| P/E | 19.0x | 20.9x |
| Piotroski F-score | 6 | 5 |
FY16
AEE $6.1B
CMS $6.4B
FY17
AEE $6.2B
CMS $6.6B
FY18
AEE $6.3B
CMS $6.9B
FY19
AEE $5.9B
CMS $6.6B
FY20
AEE $5.8B
CMS $6.4B
FY21
AEE $6.4B
CMS $7.3B
FY22
AEE $8.0B
CMS $8.6B
FY23
AEE $7.5B
CMS $7.5B
FY24
AEE $7.6B
CMS $7.5B
FY25
AEE $8.8B
CMS $8.5B
AEE
CMS
FY16
AEE 21.8%
CMS 19.6%
FY17
AEE 22.8%
CMS 20.3%
FY18
AEE 21.6%
CMS 16.9%
FY19
AEE 21.4%
CMS 16.8%
FY20
AEE 22.4%
CMS 19.2%
FY21
AEE 20.9%
CMS 15.6%
FY22
AEE 19.0%
CMS 14.2%
FY23
AEE 20.8%
CMS 16.6%
FY24
AEE 19.9%
CMS 19.8%
FY25
AEE 23.0%
CMS 20.2%
AEE
CMS
FY16
AEE $41.0M
CMS −$43.0M
FY17
AEE −$14.0M
CMS $40.0M
FY18
AEE −$116M
CMS −$371M
FY19
AEE −$241M
CMS −$307M
FY20
AEE −$1.5B
CMS −$1.0B
FY21
AEE −$1.8B
CMS −$257M
FY22
AEE −$1.1B
CMS −$1.5B
FY23
AEE −$1.0B
CMS —
FY24
AEE −$1.6B
CMS —
FY25
AEE −$775M
CMS —
AEE
CMS
FY16
AEE 5.7%
CMS 6.4%
FY17
AEE 4.6%
CMS 5.0%
FY18
AEE 6.5%
CMS 6.4%
FY19
AEE 6.0%
CMS 5.4%
FY20
AEE 5.7%
CMS 5.8%
FY21
AEE 5.2%
CMS 5.4%
FY22
AEE 5.3%
CMS 5.4%
FY23
AEE 5.0%
CMS 4.6%
FY24
AEE 4.8%
CMS 5.2%
FY25
AEE 5.7%
CMS 5.2%
AEE
CMS
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Each company's latest fiscal year; fiscal years end in different months. The best value in each row is highlighted where higher (or lower) is clearly better. Not investment advice.